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Savings Accounts for Millennials

Savings Account2397 views

Savings Accounts for Millennials


  • Millennials can choose from any of minor, student, salary or regular savings accounts
  • Free cheque book, fund transfer, e-statement & much more on savings accounts

As a millennial, you may be either enjoying the buzz of college life or embracing the challenge of corporate arena. Doesn’t matter which stage of a life you are in, a savings account remains relevant to your cause. This is due to the fact that a savings account gives you the privilege of depositing the amount to yield it only bigger a few years later.

There’s every likelihood that you could be a few months away from becoming a major, being a millennial. In that case, you can open a minor account and get it converted to a full-fledged savings account the moment you turn 18. However, those with 18 years and above can go for accounts with zero balance and star-studded services. So, what are those savings accounts a millennial can open? To find the answer, stay glued to the article.

How Should Millennials Choose a Savings Account?

The choice of a savings account should be based on the stage of life you are in. There are different savings accounts to suit the needs of people at their respective life cycle stage. Let’s find different savings bank accounts available to suit different categories of millennials.

Best Savings Accounts for Millennials About to Become Major

Those sitting in this stage of life can open the minor account now and get it converted to a regular savings account. Now, the quest should be to find the best minor account available. You can thus glance at the table below to compare different minor accounts and choose one or more out of them.

Savings Account NameEligibilityMinimum Balance Required(In ₹)Interest Rate (In % p.a.)Services Offered
SBI PehliUdaanMinors above the age of 10 years who can sign as the account will be opened only on their nameNIL3.50-4.00Personalized cheque book (10 leaves) to be issued in minor’s name

Child’s photo embossed ATM-cum debit card to be issued in minor’s name
Viewing rights and limited transaction rights such as IMPS, bill payment, top-ups, daily transaction limit of up to ₹2,000

Auto Sweep facility with a minimum threshold of ₹20,000. Sweep in multiple of ₹1,000, subject to a minimum of ₹10,000

An option for the opening of a recurring deposit, without any charge, in the standing instruction

Personal Accident Insurance Cover

Smart Scholar - a market-linked child plan offered by SBI Life with the benefit of inbuilt premium waiver and loyalty additions

Nomination facility available

Issuance of specially designed branded passbook free of cost

No inter core charges for fund transfers
HDFC Kids Advantage AccountParents need to have a savings account with HDFC before opening a minor account5,000 (Minimum average monthly balance)4.0025 cheque leaves per financial year to be issued free of cost. A charge of ₹75 to be levied on ordering additional cheque book consisting of 25 leaves

Free issuance of passbook

No cheque collection charges - local clearing zone

Free TDS Certificate

Balance certificate for the current year comes free

Four free cash transactions in a month including both deposit and withdrawal

No charges on deposit of local cheques for outstation accounts

No charges on online fund transfer via NEFT
ICICI Smart Star Savings AccountAccount to be opened in the name of minor attaining more than 10 years but below 18 years of age. They can open as well as operate the accountAs specified by the bank3.50-4.00Free personalized debit card with spend and withdrawal limit of ₹5,000

Free access to internet banking and mobile banking

No fee on e-statement

Minor can issue the cheques
Kotak Junior Savings AccountAccount to be opened in the name of minorZero balance5.00-6.00No charges on online fund transfer via NEFT/RTGS/IMPS

No charges for four transactions or up to 2 lakh, whichever comes earlier, in a month

No ATM or debit card charges

Passbook to be issued free

Get current year balance and interest statement free
Bank of Baroda Gen-Next JuniorThose above 10 years but below 18 years of age can get the account opened in their name provided he/she must be able to read and write any of the recognized languages 500 (Quarterly average balance)3.50-4.00FIrst cheque book with 20 leaves to be given free for 6 months

Free standing instruction

Anywhere banking facility

Cash deposit & withdrawal facility
PNB Junior SF AccountMinor above 10 years can open the account on their name Zero balance3.50%-4.00% per annumFIrst cheque book with 20 leaves to be given free for 6 months

NEFT transactions free up to ₹10,000 per day

No charges for demand draft issued in favour of school or college fee

View access to internet & mobile banking
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Best Savings Accounts for Millennials Enjoying Their College Life

Seeking a student account where you can deposit the money and withdraw the same for your study and other needs? Choose from the following accounts that have the best of features available.

Account NameEligibilityMinimum Balance Required (In ₹)Interest Rate (% p.a.)Services Offered
IOB StudentStudents with 16 years and above can open this account5004.00Free internet banking registration

Free multi-purpose card offering POS, ATM and other facilities

Free standing instructions

SMS alerts for all account related transactions

Free cheque book

Fund transfer/cheque/demand draft can be made only to school or college for tuition or hostel fees

Personal accidental insurance cover of ₹1 lakh for free
PNB Vidyarthi Savings Fund Account SchemeStudent pursuing studies at recognized educational institutions. The account will remain in student account category till 21st year of the account holderZero3.50-4.00Demand drafts for all types of fees/examination fees come free of cost

Free internet banking services

Free intersol services for cash deposit/withdrawal

2 cheque books with 20 leaves each to be issued a year for free

No charges on ATM/Debit Card usage

No incidental & ledger folio charges
OBC SB VidyarthiParents of students with a satisfactory 6 month record of savings account with the bank


Parents of students having opened a KYC-compliant savings account with the bank
Zero4.00ATM cum Visa International debit card, titled as Cashmate, to be offered for use at online and offline stores, apart from normal cash withdrawal and other ATM services

No annual charges on ATM/Debit Card

An overdraft of up to 1,500 at any time to meet emergencies, expenses on books, stationary, etc.
Federal Bank Yuvamitra AccountStudents pursuing coursesZero3.50-6.51A cheque book with 20 leaves a year to be issued

Visa International Shop n Save Debit Card, Master Card Classic to be offered

Daily cash withdrawals of up to ₹30,000 with Master Card Classic and ₹20,000 with VIsa International Shop n Save Debit Card

Internet banking, mobile banking and e-alerts
Corp NewGen AccountThose having completed 10 years of age and are pursuing regular courses are eligible to open this account1003.50-4.00Debit card
Internet & SMS banking

Cheque collection up to a maximum of 2 instruments per month

Buy DD’s or PO’s through the account, subject to a maximum of 5 instruments per month





Missed call facility
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Best Banks to Have Salary/Regular Savings Accounts

Now come to the working class of millennials that are likely to have a salary account wherein they can make most of the attractive services on offer. Self-employed, though, won’t be eligible for a salary account. For them, a regular savings account would be an option. While salary accounts do away with the requirement to maintain a balance, regular savings accounts can stipulate a specific balance to be maintained by a depositor on a monthly or quarterly basis. So, which are those banks where millennials like you should have a salary or regular savings account? Find that out in the table below.

BanksEligibility Minimum Balance Required (In ₹)Interest Rate (% p.a.)Services Offered
SBIBoth salaried & self-employed1,000-3,0003.50-4.00Internet & mobile banking

Cheque book request both online and offline

ATM-cum debit card

Fund transfer via NEFT/RTGS/IMPS


Personal accident and health insurance cover

Be awarded reward points on the transactions you make via SBI debit card. These points can be redeemed at select online and offline stores
Bank of BarodaBoth salaried & self-employed10003.50-4.00Internet & mobile banking

Cheque book request both online and offline

ATM-cum debit card

Fund transfer via NEFT/RTGS/IMPS

ICICI BankBoth salaried & self-employed50003.50-4.00Internet, mobile, SMS & phone banking services available

Monthly e-statements

Discount on annual locker rentals

24x7 banking with more than 100 Touch Banking branches

Cash deposit & withdrawal facility
HDFC BankBoth salaried & self-employed2,500-10,0003.50-4.00Exclusive debit card offers

Internet banking, mobile banking, phone banking

Free passbook and e-statement facility

Enjoy ATM cash withdrawal limit of 50,000 daily and shopping limit of ₹2.75 lakh on your international debit card (Salary Accounts)

Safe deposit lockers
Axis BankBoth salaried & self-employedZero balance3.50-4.00Avail internet, mobile and phone banking services

Monthly e-statements

SMS alerts


Daily cash withdrawal limit of ₹40,000 at ATMs and ₹1,00,000 for online & offline shopping
Kotak Mahindra BankBoth salaried & self-employedZero balance - 50,0005.00-6.00Digital account

Online shopping

Payment of utility bills online

Virtual debit card (811 account)

Fund transfer via NEFT, RTGS or IMPS

Cash deposit & withdrawal
Request for new cheque book

Monthly e-statement
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Note – Salary accounts would come with a zero balance feature across the banks.

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Personal Loan Interest Rates May 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%

Home Loan Interest Rates May 2020
Axis Bank8.10% - 8.85%
Bank of Baroda7.25% - 8.25%
HDFC7.75% - 8.65%
ICICI Bank7.70% - 8.80%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.20% - 9.25%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.95% - 9.20%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI7.35% - 8.00%
Tata Capital9.20% - 9.35%